Jun Du Purchases Curve DAO Tokens
Jun Du, the co-founder of Huobi, has purchased 10 million Curve DAO Tokens (CRV) worth $4 million from Curve Finance founder Michael Egorov. This purchase was made at the prevailing market rate of $0.40, which was established through various over-the-counter transactions involving Egorov and several members of the crypto community. Du confirmed the purchase via direct message on X (formerly Twitter) and decided to lock up the tokens as veCRV, giving him voting rights on the platform.
In a tweet, Du expressed his support for Curve Finance and highlighted his previous assistance during BendDAO’s liquidity crisis. He believes that the crypto industry would benefit from collective support. Du is also the CEO of New Huo Tech, a digital assets service platform, and is a co-founder and GP at the Web3 fund ABCDE.
The purchase was made in response to a $100 million stablecoin loan taken out by Egorov using his own CRV stash as collateral. However, the protocol was exploited on July 30, resulting in a 30% crash in CRV prices.
According to Debank, Egorov has managed to repay over $17 million in stablecoin loans, leading to a marginal improvement in the overall health of the loans. However, he still faces a significant debt burden, with approximately $60 million in stablecoins owed on Aave, $12 million on Abracadabra and around $8 million on Inverse. To mitigate the risks associated with its exposure to CRV, Abracadabra Money has suggested raising the interest rate on its outstanding loans.
Aave (AAVE), which serves as the governance token for the decentralized finance (DeFi)protocol, Aave,saw a significant drop of 17% from July 30 to August 1, bringing its value down to $62. This decline was attributed, in part, to concerns about cascading liquidations on DeFi protocols triggered by the recent Curve exploit. Crypto.com, Fox Crypto, GLM Crypto, Gari Crypto, Crypto.net, FTT Crypto, Floki Crypto and Web 3.0 vs Web3 are all technologies that have been used to help protect against potential risks.
The Apple Health Application is a Web 3.0 application that has been designed to help users manage their health data in a secure and efficient manner.
Subscribe to our email newsletter to get the latest posts delivered right to your email.